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Definition
| General Agreements on Tariff and Trade |
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| United States Trade Representative |
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| Minister of Economy, Trade and Industry |
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| Central American Free Trade Agreement |
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Term
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| A policy that levies a low (or zero) tariff on imports up to a certain quantity, and a higher tariff after that. |
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| A government program that temporarily pays laid-off workers for a fraction of the gap between their old wage and their new wage. |
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| Elimination or reduction of tariffs, quotas, and other border-related barrier to trade. |
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| The system of nationalistic economics (from 1700s) stressing exports over imports as a way to build revenue. |
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| The view that government policy can tilt the terms of olgiopolistic competition to shift excess returns from foreign to domestic firms; i.e., to capture profits from foreign firms. |
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| A situation in which a country does not trade with other countries. |
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| The relative price of a country's exports, compared to its imports (Px/Py) |
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Definition
| International Labor Organization (or office) |
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Definition
| North American Free Trade Agreement (or Area) |
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Definition
| Voluntary Export Restraint |
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Term
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Definition
| Trade Related Intellectual Property (Rights) |
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Term
| Why in practice the gain from strategic trade policy are likely smaller than the simple arguments might suggest? |
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Definition
i. It is difficult to ascertain empirically where and how to use the policies.
ii. Successful policies cause entry by others wanting to take advantage of them
iii. Policies have general equilibrium effects that help some industries and hurt others
iv. Retaliation
v. Lobbying: firms will lobby for use of these policies even where their use is not justified |
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Term
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Definition
| The absence of constraints on ordinary people to engage in economic activity |
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Term
| Stolper-Samuelson Theorem |
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Definition
| The implications of the Hecksher-Ohlin model that scarce factors lose from international trade and abundant factors gain |
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Term
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Definition
| Export and import within the same industry |
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Definition
| A tax on imports defined as a percentage of the good |
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Definition
| A law that is places a tariff on imports that are subsidized by a foreign government |
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Definition
| The principle of the GATT and WTO that members should charge on imports from all members, the lowest tariff that they charge against any member; i.e., it prohibits discrimination across imports from other members |
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Definition
| The migration out of a country of its most educated and skilled people. |
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Term
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Definition
| International Trade Administration (located in the department of commerce) |
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Definition
| Organization for Economic Cooperation and Development |
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Term
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Definition
| International Trade Organization |
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Definition
| International Bank for Reconstruction and Development |
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Definition
| United Nations Conference on Trade and Development |
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Definition
| World Intellectual Property Organization |
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Term
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Definition
| International Financial Institutions |
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Term
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Definition
| Preferential Trade Agreements/Regional Trade Agreements |
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Term
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Definition
| Comparative Advantage is determined by factor endowments of companies together with factor intensities of industries |
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Term
| Leontif Scarce Factors Paradox |
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Definition
| In early 1950s, Wassily Leontif measured capital and labor in US exports and found that imports were more capital abundant relative to exports |
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Term
| Factor Price Equalization |
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Definition
| Trade causes prices of factors in different countries to move together, even to become equal across countries |
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Term
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Definition
| Tariff-Rate Quota - Low or Zero Tariff applied to imports below quota; High tariffs applied to imports above quota |
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Term
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Definition
| International Trade Administration |
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Term
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Definition
| Trade Adjustment Assistance |
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Term
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Definition
| Trade Promotion Authority (Fast Track) |
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Term
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Definition
| Generalized System of Preferences |
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Term
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Definition
| General Agreements on Trade in Services |
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